Operations In Foreign Currency

6 Months Ended

Jun. 30, 2023

Operations In Foreign Currency [Abstract]

Operations In Foreign Currency

Note 4 – Operations in Foreign Currency

We have significant assets in Australia and New Zealand. Historically, we have conducted our Australian and New Zealand operations (collectively “foreign operations”) on a self-funding basis, where we use cash flows generated by our foreign operations to pay for the expenses of those foreign operations. However, in recent periods, we have looked to our overseas operations to cover an increasing portion of our domestic general and administrative costs. Our Australian and New Zealand assets and liabilities are translated from their functional currencies of Australian dollar (“AU$”) and New Zealand dollar (“NZ$”), respectively, to the U.S. dollar based on the exchange rate as of June 30, 2023. The carrying value of the assets and liabilities of our foreign operations fluctuates as a result of changes in the exchange rates between the functional currencies of the foreign operations and the U.S. dollar. The translation adjustments are accumulated in the Accumulated Other Comprehensive Income in the Consolidated Balance Sheets.

Due to the natural-hedge nature of our funding policy, we have not historically used derivative financial instruments to hedge against the risk of foreign currency exposure. We take a global view of our financial resources and are flexible in making use of resources from one jurisdiction in other jurisdictions.

Presented in the table below are the currency exchange rates for Australia and New Zealand:

	Foreign Currency / USD
	As of and ‎for the ‎quarter ‎ended	As of and ‎for the ‎six months ended	As of and ‎for the ‎twelve months ‎ended	As of and ‎for the ‎quarter ‎ended	As of and ‎for the ‎six months ended
	June 30, 2023		December 31, 2022	June 30, 2022
Spot Rate
Australian Dollar	0.6663		0.6805	0.6905
New Zealand Dollar	0.6133		0.6342	0.6245
Average Rate
Australian Dollar	0.6681	0.6761	0.6946	0.7143	0.7192
New Zealand Dollar	0.6186	0.6243	0.6357	0.6500	0.6631